Mexico's Cantarell oil field may be stablizing

MEXICO CITY, Sept 25 (Reuters) – Mexican oil production fell again in August but state oil company Pemex said it had some early indications the rapid fall in output at its giant Cantarell field may be slowing.

Mexico pumped 2.542 million bpd in August, a decline of 7.9 percent on a year ago but production at Cantarell edged higher for the first time in more than two years.

A slowdown in the decline at Cantarell would be welcome news for Mexico, which faces a possible downgrade of its credit rating amid concerns the government is overly dependent on revenues from the declining oil industry.

However, a Pemex spokesman urged caution, saying the company needed more time before it could be sure that the field had stabilized.

Reuters